National Average Gas Price Falls 12 Cents Since Mid-November, AAA Fuel Gauge Report Shows

ORLANDO, Fla.--Dec. 14, 2004--The national average price of self-serve regular gasoline is $1.837 per gallon, down 12 cents since mid-November, AAA's daily, online Fuel Gauge Report (http://www.fuelgaugereport.com) shows.

The nationwide gas price reached $2.033 per gallon on Oct. 29, short of the all-time record high price of $2.054 per gallon set last May 26. Since that time gasoline prices have been declining as the price of crude oil has come down.

Crude oil reached $55 per barrel before the Nov. 2, 2004 election and fell to $41 per barrel at the beginning of December; where it currently remains.

In the Great Lakes region, prices are down an average of 9.7 cents per gallon to $1.931. The average price fell in the Midwest by 11.8 cents to $1.778 per gallon. The average price also fell in the Southwest; down 11.8 cents per gallon to $1.794.

Prices are 11.4 cents lower in the Southeast since mid-November to $1.78. In New England prices have declined by 9.7 cents to $1.931 per gallon. Gas prices are lower in the Mid-Atlantic region by an average of 10.5 cents per gallon to $1.873. In the West, prices dropped the least, down 4.2 cents to $2.005 per gallon.

Nationwide, the price of self-serve, mid-grade averages $1.951 per gallon, a decrease of 12.8 cents per gallon since last month, and 38.6 cents higher than one year ago. Self-serve premium averages $2.022 per gallon, down 13.2 cents since mid-November and 40.1 cents higher than one year ago.

Average regional prices for self-serve regular in mid-November of last year were: West, $1.618; Great Lakes, $1.517; New England, $1.601; Mid-Atlantic, $1.545; Southwest, $1.455; Midwest, $1.494; and Southeast, $1.405.

The national average prices for self-serve regular unleaded gasoline for AAA's mid-December survey for the last five years are: 2003, $1.559; 2002, $1.346; 2001, $1.449; 2000, $1.505; and 1999, $1.163.

AAA's Fuel Gauge Report is based on data from Oil Price Information Service, the nation's most comprehensive source of petroleum pricing information. AAA purchases the data and makes it available free on the Internet as a public service. Average daily prices for the nation, all 50 states and more than 250 localities are available for all grades of gasoline, making the site the most current and complete public source of fuel price information.

As the nation's largest motoring and leisure travel organization, AAA provides more than 47 million members with travel, insurance, financial and automotive-related services. Since its founding in 1902, the not-for-profit, fully tax paying AAA has been a leader and advocate for the safety and security of all travelers. AAA clubs can be visited on the Internet at http://www.aaa.com.